The Undergraduate Student Loan Calculator is a free offering from the Hamilton Project (a project sponsored by the Brookings Institute). The calculator provides rough estimates of how long it will take to repay student loans. The calculator can be adjusted for academic major, earnings range (to account for location and other variables in earnings across a field), initial debt, interest rates, and loan length. You can use the Undergraduate Student Loan Calculator compare debt repayment plans across academic majors. For example, the repayment plan of a teacher is quite different from that of an engineer.
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Choosing an academic major shouldn’t be based entirely on finances, but students should be aware of the potential long-term implications of their choices. The Undergraduate Student Loan Calculator could be a good tool for high school guidance counselors to share with students as they evaluate their college and career choices.
H/T to Lifehacker.